Zama, Morpho and Steakhouse open the first DeFi yield vault for Confidential USDC on June 23, routing encrypted cUSDC into Steakhouse Prime v2 on Morpho and putting fully homomorphic encryption to work in live lending.

Coinbase has launched two onchain USDC lending vaults built on Morpho and curated by Steakhouse Financial: a conservative Prime tier backed by BTC and ETH collateral, and a Higher Yield tier drawing on Ethena-powered assets.

Steakhouse Fi has expanded its lead to approximately $1 billion over the next largest Morpho vault curator, marking a significant shift in the competitive curator ecosystem.

The platform's new Earn feature lets its thousands of institutional clients deposit their stablecoin to DeFi's top lending protocols directly on Fireblocks.

Morpho is the second-largest lending protocol in DeFi, with $7.7B in TVL.

An analysis of Morpho markets finds depositors are undercompensated by 5-10x. Curators counter that empirical loss data tells a different story.

The move follows the EF's first deployment into the DeFi lending protocol in October, and is part of its updated treasury policy.

Yield trading protocol Pendle has also unveiled new Stable-based markets.

MORPHO has rallied nearly 50% in the past 30 days to a six-month high as the DeFi lending protocol continues to attract new inflows.

ETH’s huge price run is leading to new all-time highs in onchain lending and borrowing.